Boston Beer Co. reports net revenue of $601.6 million, up 0.9% from the 2022 third quarter, ended Sept. 30. Net income soared to $45.3 million, or $3.70 a share, from $27.29 million, or $2.21 a share, a year earlier.

Depletions decreased 6% in the fiscal third quarter, while shipments decreased 2.5%.

"On a comparable weeks basis, which adjusts for the timing impact of the July 4th holiday, our depletions trends improved from a decrease of 7% in the second quarter to a decrease of 3% in the third quarter. We continue to execute our operational plans and grew revenue, gross margin and operating cash flow in the quarter which enabled us to repurchase over $69 million in shares year-to-date," said Chairman and Founder Jim Koch. "Our highly cash-generative business and strong balance sheet allow us to invest in our brands as we work to return to long-term sustainable growth."

President and CEO Dave Burwick said the company is "pleased with our performance in the third quarter as momentum on Twisted Tea remained strong and we continued to show progress on our margin enhancement plans while increasing brand investment. Based on our results year-to-date and our expectations for the fourth quarter, we are narrowing our revenue and EPS guidance ranges.  We plan to continue to invest behind the Twisted Tea and Truly brands while also nurturing innovation across Beyond Beer categories to drive long-term growth."

Depletions in the third quarter decreased 6% from the prior year while shipment volume increased 2.5% to 2.5 million barrels, reflecting decreases in the Company's Truly, Samuel Adams, Angry Orchard and Dogfish Head brands, partially offset by increases in its Twisted Tea and Hard Mountain Dew brands.